The bill amends sections of the General Laws in Chapter 34-36.1, known as the "Condominium Law," to clarify the applicability of certain provisions to condominiums created before July 1, 1982. It introduces a new section, 34-36.1-1.02, which outlines that the provisions will apply to condominiums established after this date, while those created prior can adopt these provisions through a written agreement. The bill specifies that certain sections, including 34-36.1-1.03 (special assessments), will apply to older condominiums only concerning events and circumstances occurring after July 1, 1982.

Additionally, the bill defines "special assessment" as an assessment that is not part of the condominium association's budget, providing clarity on financial obligations for unit owners. The act is designed to modernize the governance of condominiums while respecting the rights and agreements of existing associations. It will take effect upon passage.